The term liquidity designates the ability in the market, economic goods in its general meaning fast against another to exchanges. With exception of the exchange market at least one of the two restaurant goods is monetary value a currency. Liquidity designates therefore also the availability over sufficient currencies. In addition, apart from this availability a Tauschpartner must be found, which completes the desired transaction against money.

Management economics

In the management economics liquidity is the ability to be able to follow its compellingly due commitments at any time and without reservation.

Here different degrees and/or orders used, which refer to the period, which the obligations will become due. Bspw. one differentiates between short term (under 1 year), medium-term (1-5 years) and long-term obligations (over 5 years). The demarcation is however flowing and not fixed, so that for the respective purpose the suitable orders themselves can be defined.

Central and long-term liquidity until 2001 only a subordinated role played. By "„the Basel ii-agreement "“that changed fundamentally. So now also the long-term prognoses must be considered with a granting of credit on the part of the banks.

Liquidity lacking is apart from a too small own capital funds cover and/or insolvency the most frequent insolvency cause with enterprises. Liquidity lacking occurs frequently surprisingly, above all, if in the enterprise only an insufficient is accomplished. Occasionally the liquidity lacking is concealed and completed by the guidance of the enterprise still another one while, around the enterprise "„to save "“. Thus then only the most important obligations are used settled, discount payment possibilities, trading accounts beyond the line of credit not covered or to value added taxes not not exhausted and the coworkers do not keep their wages any longer punctually. This politics lead however by higher costs to one worse and worse becoming soil quality, which for its part continues to endanger the liquidity in the future and in the long run to (inability to pay) leads.

To high liquidity causes however profitability losses. Who hoards funds too sumptuously, not or only badly invests, which can fulfill i.d.R. all liabilities easily, done however at least without the usual interest charges, and/or loses by inflation a part of its fortune.

Assume some that the profit margins become ever smaller in the future and the and - control therefore in the future also in small firms at meaning to win and in the long run ever more strongly on surviving an enterprise along-decide.

Static liquidity

Degrees of the liquidity

Assistance of the liquidity ratios is examined an enterprise regarding its ability to be able to fulfill all liabilities within the prescribed period. Similarly as during plant covering positions of the fortune side with positions of the capital side are compared also here (horizontal balance structure analysis). Liquidity characteristic numbers are derived from the balance.

1. Degree

• Liquidity \ 1. \ Degree = \ frac {liquid means \ cdot100} {short term \ commitments}

• liquid means (currency, cash reason)
  • among other things cash and current account
• Computation: liquid means/short term outside capital (= at short notice. Resetting + at short notice. Commitments) * 100%
• And has only a very small force of expression is out of touch with reality, because meaningful reference values are missing.
• Also often in the bookkeeping one calls

The liquidity of first degree is relatively uninteresting, there here the cash supply with within (usually) 30 days to settling commitments is compared. More meaningfully if necessary bank overdrafts than constantly high liquid reserves are to be used to reproach.

2. Degree

• Liquidity \ 2. \ Degree = \ frac {(liquid Mittel+kurzfristige \ demands) \ cdot100} {short term \ commitments}

• Introduction-caused liquidity
• monetary circulating capital (Quick reason)

The liquidity of second degree should be appropriate 100 % and 120 % between. One should have available always somewhat more moneys, than one must pay. Reason is that the own demands are considered here. These are however to that extent with uncertainty afflicted, there it unrealistically are to be accepted that all demands are fulfilled within the prescribed period.

3. Degree

• Liquidity \ 3. \ Degree = \ frac {(liquid Mittel+kurzfristige \ Forderungen+Vorraete) \ cdot100} {short term \ commitments}

Turnover-caused liquidity (Current reason)

• monetary circulating capital + supplies
  • Raw materials
  • manufactures and incomplete products

The liquidity should amount to at least 120 %, optimally however >200 %. Reason is again the uncertainty which can be considered by the long-term planning horizon from five years or more to, approximately regarding the own is smaller the liquidity of third degree than 100 %, must the enterprise very probably insolvency announce.

Dynamic liquidity

Liquidity = (currencies + demands + estimated conversions)/short term outside capital * 100

Period liquidity

This period-referred characteristic number consists of the confrontation of necessary payments and the receipts of payment of the period concerned which can be expected.

Period liquidity = payments/expected number us entrances * 100

Theories to liquidity risks

Within the bank range arises the question about the optimal liquidity, which moves in the area of conflict between prevention of the inability to pay and profit increase. With the choice of the optimal liquidity the banks proceed on the basis one of the following beginnings.

Golden bank rule

The running time of liabilities sill, is to exist period congruence corresponds to the running time of the active. Period transformation is not possible.

Sediment theory

Inserts, which are callable (at short notice) at any time are available materially longer, which reduces the liquidity need.

Shiftability theory

Fortune articles can be sold also at short notice at the market, are thus liquidatable.

Maximum permissible load theory

The possible depreciations from premature sales must be limited to the height of own capital funds.

Control measures for the liquidity

Own stochastic models are used to the of the Treasury. One calls the procedures cash management of systems.

To be considered it must that the time of the call is uncertain not paid off lines of credit. In addition frequently also Prolongationen, i.e. extensions of credits result, bspw. of current account credits or assured lines of credit.

At the liquidity management security pension business and eat Backed Securities come as instruments to the liquidity procurement a lifted out role.

Articles in category "Liquidity"

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